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we've said many times on the network that elections have consequences. and the president won re-election, but at some point, i think we're going to have to meet in the middle. is that closer to what mr. obama wants, or closer tort republicans? that may be the question. but he was re-elected president, not king and he has to give a little bit. >> brian, i want to go to you. we can't talk about the futures without talking to you. talk to us about the usual spike ahead of a weekend and ahead of a week where we do see one trading day off. >> yeah, a lot of nervousness in the market. absolutely into the close. especially vix futures. really spiking hard in the last 15 minutes of trading here. a lot of bearish bets put on the spiders. whether it was a bear bet outright or protecting their portfolio. a lot of stops getting kicked in. 1390 in the emini future was a critical level. stops kicked in, set the market lower here, i think what came out of the meeting is nothing unexpected. we didn't expect them to have a deal here today and we didn't get one. so this i
we've said many times on the network that elections have consequences. and the president won re-election, but at some point, i think we're going to have to meet in the middle. is that closer to what mr. obama wants, or closer tort republicans? that may be the question. but he was re-elected president, not king and he has to give a little bit. >> brian, i want to go to you. we can't talk about the futures without talking to you. talk to us about the usual spike ahead of a weekend and ahead...
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and a lot of them say, eamon, i've been elected to be a check on the president and that's what a lot of this is about. >> right. this is deeply held, fundamental belief on both sides and there's a huge chasm between the two sides on these issues. and somebody's going to be a loser here if there's a deal. somebody's going to be perceived as having gotten rolled and neither side wants to be the party who got rolled here. i think both sides are looking at if fiscal cliff right now and saying, well, we could go over this thing. it wouldn't be the end of the world and that's a very different view in washington than it is on wall street. i can tell you that. >> eamon, thanks. i know you've got a long day ahead, a long afternoon as well. eamon javers in washington. >> isn't it unbelievable. you have this huge, looming problem, i'll wait until later this afternoon to deal with it. >> and the whole sequester was a way to deal with this later. and corker, i think, on some of the morning shows this morning, senator corker said the worst case today would be to set up another later deadline that
and a lot of them say, eamon, i've been elected to be a check on the president and that's what a lot of this is about. >> right. this is deeply held, fundamental belief on both sides and there's a huge chasm between the two sides on these issues. and somebody's going to be a loser here if there's a deal. somebody's going to be perceived as having gotten rolled and neither side wants to be the party who got rolled here. i think both sides are looking at if fiscal cliff right now and...
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as much as it was at the beginning of the year, but the eu faces problems in 2013 as well -- a new election in italy could put silvio berlusconi back in power, and france's francois hollande has to tackle urgent issues at home, so there is plenty of work for europ's firefighters next year. >> the past year, we have often brought you images of very angry protests in greece that were mostly against the harsh austerity measures imposed by the government in return for a bailout funds from lenders. >> without this, greece would certainly have gone bankrupt, but it still a long way from clear that the bailout and the reforms they are tied to will get the economy back on the road to recovery. >> meanwhile, the suffering continues for the greek people. the situation is especially dire in rural villages. >> we are on our way to a village on the border with bulgaria. most of the village's 500 inhabitants are muslim -- a minority in the orthodox christian country. the village also claims the dubious distinction of being the poorest village in greece, with an average income of roughly 6000 euros a year
as much as it was at the beginning of the year, but the eu faces problems in 2013 as well -- a new election in italy could put silvio berlusconi back in power, and france's francois hollande has to tackle urgent issues at home, so there is plenty of work for europ's firefighters next year. >> the past year, we have often brought you images of very angry protests in greece that were mostly against the harsh austerity measures imposed by the government in return for a bailout funds from...
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he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this, and capital growth management and brian kelly, the co-founder of shelter harbor capital. can we bring up that chart again, guys so people can understand what happened today? we are showing you a one-day chart of both the dow, all three, the dow, the nasdaq and the s&p. this is a one-day chart. so harry reid comes out and says, folks, we are going off the cliff and the markets start to tumble and tumble and tumble and tumble and then 3:00 in the afternoon you see the sharp rise up and the house is coming back the in the session on sunday night to do something. we don't know what and the markets managed to get back to flat. so ken heebner, the market seemed to care about the deal getting done. is it g
he said 800 billion is what he said during the election. >> and 6 trillion. >> yeah. >> spending is not the problem. >> no, i agree with you. >> i'm sorry. >> revenue is not the problem. >> yeah. >> it's been a long week, hasn't it? >> good luck on sunday, let's see what happens and we'll have you back afterward and see what's going on. >> let's get the market reaction. eamon hinted at this, and capital growth management and brian...
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and when they did that, and as soon as they did that, they love the election. they would have won the election had it come due before and they would have won that had they stuck to it but they didn't do it. but the debt ceiling has to be agreed to. they have the cards i just don't think they know it, unfortunately. they should get everything they want based on the debt ceiling alone. >> explain it to me. suppose the republicans dug their heels in the ground and said they refuse to raise the debt ceiling. how would that empower them? >> well, the government, i mean unfortunately, as it almost has anyway, would come to a total standstill. with the debt ceiling coming due in another month from now, they should make that part of the debate. the president is going to have to do something about the debt ceiling. he has always been concerned about it and what is going to happen because obviously they need a lift in the debt ceiling. i always said and i it to you, it should not have been allowed to happen after the election. if it happened before the election the repub
and when they did that, and as soon as they did that, they love the election. they would have won the election had it come due before and they would have won that had they stuck to it but they didn't do it. but the debt ceiling has to be agreed to. they have the cards i just don't think they know it, unfortunately. they should get everything they want based on the debt ceiling alone. >> explain it to me. suppose the republicans dug their heels in the ground and said they refuse to raise...
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they get elected by giving out candy. >> i agree. i think that's why we need somebody to come along, a type for fiscal policy this year in the next coming years to make the hard choices that aren't popular that will put us on a sustainable path going forward. >> craig and andy, thank you both very much. have a happy new year. >> you too. >> same to you. >>> all of this what we learned from our past is what exactly? let us check in with rick santelli at the cme. before we get into that, you and i were going back and forth in e-mail about $250,000. what people don't seem to get is 250 under clinton is not 250 today. it will capture about twice as many taxpayers. you can't make the historical reference. >> no, you're exactly right. you know, when the government deals with their public pensions and their unions, do they ever forget to inflation adjust? of course not. but look at two times they failed to. when we hear going back to the clinton tax rate of 39.6 in '93. 250 grand threshold in today's dollars will be about $165,000. a 35% mi
they get elected by giving out candy. >> i agree. i think that's why we need somebody to come along, a type for fiscal policy this year in the next coming years to make the hard choices that aren't popular that will put us on a sustainable path going forward. >> craig and andy, thank you both very much. have a happy new year. >> you too. >> same to you. >>> all of this what we learned from our past is what exactly? let us check in with rick santelli at the cme....
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won the election. therefore the 2% tax is a fait accompli. did may not read the exit polls, "a"? but "b," even more importantly, you know, the people that are giving them a hard time were duly elected, as well. honestly, what a bunch of knuckleheads. >> i know but you wonder why nothing's been done, because all they had to do was wait for january 1st. i'm going to play the geithner tape again when he sort of, you know, it kind of slipped where he said oh, yeah, we're ready to go. we're so ready to go over, and then they get -- >> no, he didn't slip. you know, somebody pulled the string and he said it. >> all right. coming up, is it too late to avoid the fiscal cliff or is there still hope for this 11th hour deal? we're going to ask democratic congressman jim mcdermott. >> are you suffering from market fatigue? do you feel confused and out of touch with today's markets? you may be suffering from a serious condition known as information deficit disorder. >> and it may be related to an imbalance of natura
won the election. therefore the 2% tax is a fait accompli. did may not read the exit polls, "a"? but "b," even more importantly, you know, the people that are giving them a hard time were duly elected, as well. honestly, what a bunch of knuckleheads. >> i know but you wonder why nothing's been done, because all they had to do was wait for january 1st. i'm going to play the geithner tape again when he sort of, you know, it kind of slipped where he said oh, yeah, we're...
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dagen: we hope for that, senator, but since the election, it's as if the differences between the two sides have hardened even more, and even if they do something small to prevent serious harm to the economy, what does that even say about the potential for tax reform in the coming year? what's that say about the potential to really try and write our nation financially? that will not get done. i mean, what it going to take to get them to act responsibly in the best interest of the country? >> well, you know, the lubrication for democracy is for people who feel differently to come together and reach compromise. i mean, that's always been the way things worked, and i served in congress for 30 years with people who, at the end of the day, even though they felt differently and strongly about things r they wanted to come together understanding they needed to compromise. you know, you mentioned, for example, tax reform. we need tax reform in the country, and i was in the 1986 ways and means committee, and reagan was president, democratic congress, it was hard to do, a long time, but we did i
dagen: we hope for that, senator, but since the election, it's as if the differences between the two sides have hardened even more, and even if they do something small to prevent serious harm to the economy, what does that even say about the potential for tax reform in the coming year? what's that say about the potential to really try and write our nation financially? that will not get done. i mean, what it going to take to get them to act responsibly in the best interest of the country?...
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there will be a new election for speaker of the house, presumably john boehner will be re-elected. there will be a different house of representatives. however, still a republican majority but a small er majorit. boehner has a newly affirmed position and perhaps the dynamic is a bit different. but, you know, then again maybe it will be the same as it's been the last couple of years. >> richard, you know what i think bothers some people bothers me. it's that there is a small segment it seems of the republican caucus in the house of representatives who were unable to accept the results of the election in 2008 and steamed to continue to be unable to accept the results of the election in 2012. thus, they feel they have a license to hold the country hostage because they don't agree with two presidential elections, which is truly, truly if you think about it enough, which i choose not to, is rather bothersome. >> it's bothersome, and it doesn't fit their own agenda. in addition to object structure things they want to keep taxes down for most americans. it's not just about the tea party re
there will be a new election for speaker of the house, presumably john boehner will be re-elected. there will be a different house of representatives. however, still a republican majority but a small er majorit. boehner has a newly affirmed position and perhaps the dynamic is a bit different. but, you know, then again maybe it will be the same as it's been the last couple of years. >> richard, you know what i think bothers some people bothers me. it's that there is a small segment it...